India, Greece aiming for $4 billion trade, connectivity boost by 2030

In a bid to strengthen ties and bolster economic cooperation, India and Greece have outlined ambitious plans to double their bilateral trade to nearly USD 4 billion by 2030 while prioritising connectivity through infrastructure projects like the proposed India-Middle East-Europe Economic Corridor (Imec). Following high-level discussions between Prime Minister Narendra Modi and his Greek counterpart Kyriakos Mitsotakis, both leaders expressed optimism about the trajectory of bilateral trade relations. It is a matter of happiness that we are moving forward quickly towards the goal of doubling bilateral trade by 2030. The two countries identified pharmaceuticals, ports, chemicals, shipping, food, communications and defence as key sectors to help double their bilateral trade, which stood at USD 1.9 billion in 2022-23. The partnership in shipping is particularly noteworthy, with India eyeing investment opportunities in Greek ports and seeking Athenssupport to modernise its shipping industry, as reported earlier by Mint. Greece's strategic location in the Mediterranean Sea makes it a major player in the global shipping industry. The country?'s ship-owners own roughly one-fifth of the world's shipping fleet and almost 60% of the European Union's fleet, according to the International Trade Administration, a US government agency. The dialogue between the two nations identified key sectors such as pharmaceuticals, ports, chemicals, shipping, food, communications, and defence as pivotal areas to achieve this ambitious target. Currently standing at USD 1.9 billion in 2022-23, the bilateral trade volume reflects the existing economic partnership between India and Greece. Greece's strategic location in the Mediterranean Sea makes it a significant player in the global shipping industry. With Greek ship-owners commanding approximately one-fifth of the world's shipping fleet and nearly 60% of the European Union's fleet, there are ample opportunities for collaboration and investment in the maritime sector. Vinay Kwatra, Indian the foreign secretary, emphasised the importance of Greece's role in facilitating the India-Middle East-Europe Corridor (Imec). Given the strategic importance that Greece holds in terms of its location, the manner in which Greece could partner with the Imec was discussed, he stated during a press conference in New Delhi. The discussions also underscored the need to bolster cooperation in defense, maritime security, counterterrorism, and cybersecurity. Both nations agreed to establish a joint working group to further enhance defense collaboration, building upon a history of military exercises and naval operations. India's deepening defense ties with Mediterranean nations, including Greece, signal a strategic move to enhance its influence in the region amidst geopolitical challenges. Moreover, the dialogue encompassed discussions on space, advanced technologies, and the initiation of direct flight connectivity between India and Greece. Plans for a migration and mobility partnership are also in the pipeline, aligning with similar agreements signed with other European countries. Prime Minister Mitsotakis' visit to India as the chief guest at the Raisina Dialogue, India's premier geopolitical conference, underscores the deepening ties and shared strategic interests between the two nations. This visit sets the stage for a strengthened bilateral relationship and paves the way for collaborative efforts in various spheres of mutual interest. As Prime Minister Mitsotakis aptly noted, Our discussions have opened new avenues for cooperation, and I am confident that India and Greece will achieve remarkable milestones in the years to come.